Taxes - investment properties

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funeshah
Posts: 46
Joined: Thu Aug 28, 2014 11:05 am

Taxes - investment properties

Post by funeshah »

Hi -

I own a few (4) small investment properties in 2 states (NY/NJ).

For the last few years, I have used a CPA to do our taxes, however I find their costs to increase significantly lately (last year, we paid $900)!

Anyone here do taxes on their own for investment properties (i.e. via some software package) and mind sharing any insight/recommendations they have?

Why should I stick with a CPA, or why should I go to software for my taxes, given my investment properties?

Thanks in advance!
jebmke
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Joined: Thu Apr 05, 2007 2:44 pm
Location: Delmarva Peninsula

Re: Taxes - investment properties

Post by jebmke »

If by "investment properties" you mean rental property (residential or commercial), any retail package with Schedule E should handle it. We sold our rental but when we had it I was able to do the tax reporting (Schedule E and Form 4562) with a $25 copy of H&R Block Deluxe.
When you discover that you are riding a dead horse, the best strategy is to dismount.
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big bang
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Joined: Mon Jul 25, 2016 8:33 pm

Re: Taxes - investment properties

Post by big bang »

Before separating from your CPA make sure that you have copy of the depreciation schedule for each property.
(1) save a lot, (2) select an asset allocation containing both stock and bond asset classes, (3) buy low cost, widely diversified funds, (4) allocate funds tax-efficiently, and (5) stay the course.
jebmke
Posts: 11686
Joined: Thu Apr 05, 2007 2:44 pm
Location: Delmarva Peninsula

Re: Taxes - investment properties

Post by jebmke »

big bang wrote: Thu Dec 12, 2019 2:19 pm Before separating from your CPA make sure that you have copy of the depreciation schedule for each property.
yes; although it should be included with his file copy of his entire tax return which the CPA should be providing and the OP should be keeping indefinitely.
When you discover that you are riding a dead horse, the best strategy is to dismount.
StealthRabbit
Posts: 528
Joined: Sat Jun 13, 2009 1:25 am

Re: Taxes - investment properties

Post by StealthRabbit »

Been doing my own income props (3 states), using Taxcut for many years.
+/-,. I get advice from an enrolled agent every few yrs (pay hourly) <$200 total
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unclescrooge
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Joined: Thu Jun 07, 2012 7:00 pm

Re: Taxes - investment properties

Post by unclescrooge »

Back when I owned 28 investment properties in 4 different states I still did my own taxes using turbo tax.

One year I hired a CPA to run the numbers and I find he missed a couple of deductions.
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